Diokno lauds SEC’s digitalization, says it will expand PH capital market

Diokno lauds SEC’s digitalization, says it will expand PH capital market

Finance secretary Benjamin Diokno. (Photo courtesy: Philippine News Agency)

By Tracy Cabrera

MANILA — Finance Secretary Benjamin Diokno lauded the Securities and Exchange Commission even as he urged the agency to continue expanding the country’s capital market through digitalization to support economic growth and make the Philippine capital market more broad-based and inclusive through strengthened corporate governance.

Diokno had actually commended the SEC’s digital transformation initiatives, which were significantly accelerated by the securities regulator at the height of the global health emergency triggered by the ongoing coronavirus pandemic.

“This allowed the market to continue functioning normally amid the difficulties posed by the pandemic,” the former Bangko Sentral ng Pilipinas (BSP) governor and con-current finance chief pointed out.

Diokno noted, for instance, how the SEC had developed the Electronic Simplified Processing of Application for Registration of Companies (eSPARC) and the One Day Submission and Electronic Registration of Companies (OneSEC), which are systems for faster and easier registration of corporations.

From its launch on April 11, 2021, to June 19, 2022, the eSPARC processed a total of 77,476 applications for company registration, 7,095 of which were processed in OneSEC.

Linked to the eSPARC and OneSEC is the Electronic System for Payments to the SEC (eSPAYSEC) that enables online payments of registrations and other transaction fees. From its launching on March 1, 2021, up to June 19, 2022, the eSPAYSEC catered to a total of 31,027 transactions.

Meanwhile, the SEC’s Electronic Filing and Submission Tool (eFAST) was built for the submission of the Audited Financial Statement, General Information Sheet, and other reportorial requirements. From the start of its operation on March 15, 2021, up to June 17, 2022, a total of 277,430 reports were accepted through the eFAST.

The said platforms are among a suite of online systems that make transactions with the SEC easier and faster. (ai/mtvn)

“I expect the SEC to fully harness the powers of new digital technologies to further improve monitoring; build trust and confidence of investors; protect the investing public; and better serve the nation,” Diokno enthused even as he urged the agency to ensure the provision of safe and secure financial and investment instruments for Filipinos.

“I want the SEC to be relentless in unmasking investment scams to protect investors and maintain trust in the country’s financial system. In the coming period, we expect an even more dynamic and feverish market activity. I trust that the Commission will be relentless in its efforts to ensure that capital markets drive our strong economic recovery and build a truly inclusive financial system for the Filipino people,” the finance secretary concluded.

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